RCC Honors History Project

Stock broker salary by Elizabeth Morgan

Posted by amissi on May 27, 2009

When i was reading about the stock broker, i remembered the movie, “Pursuit of Happiness” starring Will Smith. Will applied a job as a stockbroker.  he had to go through some test and exams with other people wanting the same job… these whole idea struck me and i decided to find an article on this, and this is what i got:

Stock broker salary by Elizabeth Morgan

Did you go into the stock market industry as a broker hoping to make a good deal of money? If you did, you might be in for a shock. To start a career as a stockbroker, you first have to go through a grueling set of exams and training.

Though you are not required to even have a college degree, having an educational background that deals with the economy and financing helps you gain an analytical understanding of how the stock market works. Before you can start brokering any transactions, you have to first gain your license. To do so, you must first look for a brokerage firm that will take you under their wing. It is only after four months of on-the-job training with the firm that you are allowed to take the General Securities Registered Representative Examination. After you acquire your license by passing this exam, most states require you to take another test in the form of the Uniform Securities Agents State Law Examination. In this exam, it is determined whether you have a wide knowledge in the stock market as a whole. After passing these two exams, you are simply branded as a trainee. Most firms put you through a number of classes and training programs for as long as two years. It is only then that you can start looking for a pool of clients you can call your own.

It is after that entire process that you will start reaping the benefits. The average starting salary of a stockbroker in the U.S. is around $17,000. The average salary throughout the U.S. after five years of working would be around $30,000 to $49,000. The upper percentile may earn around $60,000 and higher.

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4 Responses to “Stock broker salary by Elizabeth Morgan”

  1. dmcneal347 said

    first of all, The “Pursuit of Happiness” is one of my favorite movies, not just becuase will smith is in it and I have watched “the fresh prince of bel air” pretty much my whole life, but becuase I think this movie inspires people who watch it.

    Second of all, wow thats a lot of trouble to only start out at $17,000 a year. I could double that wage just working as a T.V. satellite Technician and theres not that much training in that sort of job. But I guess being a stockbrocker is better then selling some hospital machines that are outdated.

  2. chad612 said

    It certainly does make it more difficult to decide what career path to take. Even after years of training, there is no guarantee of finding a job or that you will make a decent amount of money doing it, or that it is something you will enjoy. The current job market is pushing a lot of people into career paths that they might not have necessarily chosen if they weren’t so paranoid about being able to find a job, and they may find themselves unsatisfied with these jobs in a couple of years.

  3. amissi said

    i agree and disagree with you chad about the market pushing people into their career path… first of all, i agree because the economic crisis that the world is mow makes it harder to find jobs whether decent or not. on the other hand,i disagree with you because i think that education matters alot because in my home country people with PHDs have a higher opportunity to get a job than those with masters or bachelors degrees.

  4. nrohr said

    Firstly, I am ashamed to say I have never seen The Pursuit of Happyness but have always meant to do that. I will add it to my queue immediately.

    Secondly, those are some very surprising figures. One of the things I can see with a job like a stock broker is that it would be a very volatile job. Your salary would be so tied to factors beyond your control, although I guess that is true of a lot of jobs. I guess having more education would allow you more opportunities for promotions into the management of a firm that would give you more security. But sometimes that makes you more distant from the real work that you were interested in in the first place.

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